GTAA reports 2013 results

TORONTO, March 19, 2014 /CNW/ - The Greater Toronto Airports Authority
(the "GTAA") today reported its financial and operating results for the
fiscal year ended December 31, 2013. The results show a continuation of
the improvement in aviation activity results experienced in 2012.
Passenger volumes continued to grow during 2013 reflecting both the
economic strength of the Greater Toronto Region, and the role of
Toronto Pearson as Canada's largest airport and North America's second
largest airport in terms of international passengers.

For the twelve months ended December 31, 2013, the GTAA reported total
revenues of $1.1 billion. Total operating expenses in 2013 were $719.8
million, which included $157.8 million in ground rent and
payments-in-lieu of real property taxes. Earnings before interest and
financing costs were $397.7 million. After accounting for interest and
financing costs, the GTAA recorded net income of $7 million, compared
to net income of $13.5 million in 2012. Net income is reinvested in the
Airport for new initiatives to improve Airport operations and customer
service, to fund capital projects or to repay existing debt.

During the three-month period ended December 31, 2013, the GTAA recorded
a net loss of $14 million, compared to a net loss of $31 million during
the same period in 2012. Due to seasonal patterns in air traffic and
operating expenses, expenses typically exceed revenues in the fourth
quarter of each year.

In 2013, the GTAA reduced overall aeronautical fees by approximately 10
per cent from 2012 when measured as the average air carrier's cost per
enplaned passenger. This 2013 fee reduction was announced as a
three-year rate freeze, holding aeronautical rates constant from 2013
through 2015. This provides air carriers with greater rate certainty to
facilitate their longer-term planning of air services offered at
Toronto Pearson. The GTAA's 2013 aeronautical rates and charges are
approximately 30 per cent lower than those charged in 2007, when
measured as the average air carrier's cost per enplaned passenger.

A total of 36.1 million passengers travelled through the Airport in
2013, a 3.4 per cent increase compared to 2012. Passenger activity in
the domestic sector increased by 5.4 per cent as compared to
2012. Transborder passenger activity increased by 4 per cent in 2013 as
compared to 2012. International passenger activity also increased over
the prior year, growing by 0.7 per cent in 2013. During 2013, when
compared to 2012, air carriers serving Toronto Pearson increased
service (on a net basis) on a total of nine routes, representing either
completely new service or an increase in capacity on existing routes.

The GTAA's 2013 financial results are discussed in more detail in the
Financial Statements of the GTAA for the years ended December 31, 2013
and 2012 and Management's Discussion and Analysis for the year ended
December 31, 2013, which are available at www.torontopearson.com and on the Canadian Securities Administrators' website at www.sedar.com.

This news release contains certain forward-looking information,
including statements regarding holding aeronautical rates constant from
2013 through 2015; providing air carriers with rate certainty; the
delivery of continued improvements to customer service; the offering of
greater flight frequencies to existing markets; and the increase of
access to more global destinations. This forward-looking information is
based on a variety of assumptions and is subject to risks and
uncertainties. Please refer to the section titled "Caution Regarding
Forward-Looking Information" contained in the GTAA's Management's
Discussion and Analysis for the period ended December 31, 2013 for a
discussion of such risks and uncertainties and the factors and
assumptions related to the forward-looking information.

The GTAA is the operator of Toronto Pearson International Airport, the
largest airport in Canada, the second largest airport in North America
in terms of international traffic (international and transborder) and
one of the largest airports in North America in terms of total
passenger and air cargo traffic.

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